On the economic front, durable goods orders climbed 5.7 percent in February as demand for transportation equipment rebounded, according to the Commerce Department. Economists polled by Reuters had expected orders to rise 3.8 percent after a 4.9 percent decline in January.

Meanwhile, the S&P/Case Shiller home price 20-city index gained 1 percent in January versus the prior month, topping estimates for a gain of 0.9 percent. The index soared 8.1 percent compared to a year ago, kicking off the year with the biggest year-over-year increase since 2006.

New home sales for February are due at 10 am ET. Economists polled by Reuters have forecast a total of 420,000 annualized units, compared with 437,000 in January.

"I think we can be more confident now, we have definitely turned the corner, but we could still see some ups and downs. We're trying to rebuild an industry that has been non-existent for a number of year," David Crowe, chief economist at the National Association of Homebuilders (NAHB) told CNBC's "Worldwide Exchange."

Crowe said that housing data would improve, but not at a faster pace. He said that the housing recovery would take a couple more years to get back to a "normal" level and the credit market was still "tough."

Also at 10 am ET, the Conference Board releases its consumer confidence data for March.

Banks in Cyprus will remain shut until Thursday, and will then be subject to capital controls to prevent a run on deposits. Cyprus's Finance Minister Michael Sarris told BBC radio big depositors in Cypriot banks could lose about 40 percent of their deposits but an exact figure had yet to be decided. Banks are due to reopen on Thursday and will be subject to capital controls to prevent a run on deposits.

Apple edged higher after Piper Jaffray's Gene Munster called consensus estimates for the tech giant's March and June quarters too high, but said new product launches mean investors will look to the second half of the year for opportunity. In addition, Munster said he believes Apple will increase its dividend to around $14 a share from the current $10.60.

Boeing said the first round test of its new battery system for its 787 Dreamliner went according to plan, putting the jet one step closer to returning to service.

Children's Place slumped after the kids' apparel retailer issued a downbeat earnings outlook for the current quarter and fiscal year.

The Treasury also auctions $35 billion in two-year notes with the results available shortly after 1pm ET.